
Total balance of federal student loan debt in forbearance U.S. 2022-2024
Due to the impact of the COVID-19 pandemic, the U.S government paused payments on federal student loans starting on March 13, 2020, moving billions of dollars of student debt into forbearance. Forbearance means that no payments need to be made, with the interest rate set to zero percent. In the second quarter of 2022 and 2023, the majority of federal student loans remained in forbearance, totaling over 1000 billion U.S. dollars. However, loan repayments and interest rates restarted in October 2023, lowering the amount of student loans in forbearance to
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billion U.S. dollars as of Q2 2024. Log in or register to access precise data.